Austria: Schoenherr advises UBS on the sale of its Austrian wealth management business to LGT

"Despite the circumstances, it has been an exciting year for our corporate/m&a practice. Wrapping it up with advising UBS on the successful high-level sale of its Austrian wealth management business is a great way to end the year", said partner Sascha Hödl who also co-heads Schoenherr's corporate/m&a practice.

UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. UBS's strategy is centered on its leading global wealth management business and its premier universal bank in Switzerland, enhanced by Asset Management and the Investment Bank. The bank focuses on businesses that have a strong competitive position in their targeted markets, are capital efficient, and have an attractive long-term structural growth or profitability outlook.

LGT is one of the largest Private Banking and Asset Management groups in the world owned by the Princely House of Liechtenstein. Services provided by LGT include, among other things, private banking and asset management. In Austria, LGT Bank Österreich provides investment solutions to high net worth individuals, private foundations and institutional clients.

The Schoenherr team advising on the transaction was led by Sascha Hödl (partner, corporate/m&a) and Clemens Gaugusch (attorney at law, corporate/m&a) who were supported by Gabriel Ebner (associate, corporate/m&a), Teresa Waidmann (attorney at law, employment) and Marco Thorbauer (attorney at law, tax). Matthias Pressler (counsel, banking/finance) advised on banking regulatory aspects of the transaction while Franz Urlesberger (partner) and Johannes Frank (attorney at law) provided legal advice on the competition law issues.